Channel Trends and Opportunities for 2024

The landscape of managed services is evolving rapidly, driven by an increasing demand for cybersecurity solutions. As the digital realm expands, so do the threats, making cybersecurity a paramount concern for businesses and a lucrative opportunity for MSPs across the globe. There are many trends MSPs should understand in order to take advantage of the opportunities available to them in 2024. Let’s take a look at some key data from Canalys analyst research:

64% of partners expect at least 10% growth in their cybersecurity businesses in 2024. As cyber threats grow in complexity, customers require specialists to assist them in managing these challenges effectively. Many small and midsize businesses lack an in-house cybersecurity team, making it advisable to consider the services of an MSP. MSPs with the right skills and solutions can fill this gap to provide threat detection and response capabilities.
The IT managed services model is evolving, with MSPs expanding in size with many integrating managed services into their offerings. This trend is driven by the booming MSP economy, as more businesses rely on them to secure their operations and systems. Additionally, there's an increasing trend of mergers and acquisitions among MSPs to scale up their operations, boost sales, expand the customer base, and achieve growth through more sophisticated service offerings.
The fastest-growing categories in cybersecurity product spending are identity access management, vulnerability and security analytics, and endpoint security. As remote work remains widespread and the number of endpoints continues to rise, the attack surface is expanding, leaving organizations vulnerable to a broad range of threats. To maintain security, MSPs can grow their businesses by stepping in to deliver endpoint, identity, web, and email security solutions as well as the visibility and reporting capabilities customers need.
AI is further establishing itself as a double-edged sword in the security sphere. As attackers continue to leverage it, cybersecurity vendors are exploring how it can improve their products and businesses are testing various use cases as well. All the while, the debate around AI’s threats to organizational security and its potential for positive change continues. MSPs are well-positioned to help their customers navigate both, which will lead to further potential growth opportunities.

For more information on the top trends and opportunities for security service providers this year, check out this new Canalys white paper: Cybersecurity is helping the MSP model go mainstream in 2024